{"id":8850,"date":"2022-11-29T11:19:39","date_gmt":"2022-11-29T11:19:39","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8850"},"modified":"2022-11-29T11:19:41","modified_gmt":"2022-11-29T11:19:41","slug":"andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8850","title":{"rendered":"Andre Cronje reveals how DeFi saved Fantom; FTM surges 17%"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Fantom (FTM) has grown by over 17% following Andre Cronje\u2019s revelation that its Foundation has $340 million worth of assets and annual earnings of over $10 million.<\/p>\n<p>Cronje said Fantom was cash positive, and it was still scaling up.<\/p>\n<h2>Cronje says DeFi saved Fantom<\/h2>\n<p>Cronje said the Foundation might have stopped operating if DeFi did not exist. He said:<\/p>\n<p>\u201cIf DeFi didn\u2019t exist, we would likely not be operational today. I believe the same is true for many companies out there.\u201d<\/p>\n<p>In a Nov. 28 blog post, Andre Cronje said Fantom had over 450 million FTM tokens ($96.43 million), $100 million worth of stablecoins, $100 million in other crypto assets, and $50 million in non-crypto assets.<\/p>\n<p>The famed founder detailed how the project rose to its current state after raising $40 million in 2018. He revealed that Fantom paid over $3 million in listing fees to exchanges and over $500,000 to influencers in the early days. But after all the initial expenses, it had less than $5 million left in its treasury.<\/p>\n<p>This led to the decision never to pay exchange or sponsorship fees again, and it started cutting down on expenses until its expenditure was below $500,000 a year.<\/p>\n<h2>How DeFi saved Fantom<\/h2>\n<p>In February 2020, the company had about $4 million worth of assets left and started participating in DeFi and using the profits to buy back FTM. The goal was to increase its burn so that it could scale.<\/p>\n<p>This led to the launch of COMP. After that, the project started participating in yield farming and other DeFi endeavors, which increased its treasury to over $39 million.<\/p>\n<p>By 2021, the project had over $51 million in treasury and yearly revenue of $2 million. It also sold FTM tokens to Alameda and Blocktower to generate more money and scale. The treasury in September 2021 reached $263 million without FTM.<\/p>\n<h2>FTM and related tokens surge<\/h2>\n<p>Andre Cronje\u2019s revelation has made FTM one of the best-performing digital assets in the last 24 hours.<\/p>\n<p>According to CryptoSlate data, FTM surged by over 17% to $0.2139 as of press time. The layer1 blockchain network digital asset has risen 27.5% on the seven days metrics.<\/p>\n<p>Meanwhile, Coingecko revealed that other tokens on the Fantom ecosystem, like SCREAM and GEIST, were up by 14.3% and 43.5%, respectively.<\/p>\n<p>DeFillama data also showed that the total volume of assets locked in Fantom had grown 3.39% in the last 24 hours to $438.45 million.<\/p>\n<h3>Read our latest Market Report<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fantom (FTM) has grown by over 17% following Andre Cronje\u2019s revelation that its Foundation has $340 million worth of assets and annual earnings of over $10 million. Cronje said Fantom was cash positive, and it was still scaling up. Cronje says DeFi saved Fantom Cronje said the Foundation might have stopped operating if DeFi did [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8850"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8850\/revisions"}],"predecessor-version":[{"id":8852,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8850\/revisions\/8852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8851"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}